Establishing Relationships that Strengthen the Business Incubator and Services Rendered to Businesses

Abstract

Innovation and entrepreneurship are critical drivers of social and economic development. In diflHcult economic times small businesses face enormous challenges in running their businesses, even if they are based on good business ideas. With increase in awareness around the world, especially in developing economies, about the need to promote Innovation and Entrepreneurship, policymakers and other stakeholders are increasingly viewing business incubation as an important tool to imleash human ingenuity, enable competitive enterprises and create sustainable jobs. This has resulted in the growth of Busmess Incubators which support new ventures, help overcome the challenges faced by entrepreneurs and establish an ecosystem for the venture initiation process so that start-ups are successful. Many start-ups face trading difficulties since their inception and entrepreneurs who take risks to begin businesses in this climate need advice and support from all possible quarters if they are to survive. For entrepreneurs, managing money is critical in the first months of trading; expensive premises and long term leases can lead the businesses into trouble. Entrepreneurs working from home and through small offices inside houses are continuously disturbed by children and family members although the visiting customers expect a business environment. Providing space, electricity and basic amenities required by entrepreneurs initially is not enough, they also require incubation managers to be prepared and equipped in all fiinctional areas of the business incubation process. Making incubations successful requires incubation managers to understand the commonalities among the business incubators. The present study focuses on the reasons of satisfaction of the incubatees' over various facilities provided at the incubation centres and the involvement of incubation managers. The researcher used questionnaires for incubatees which included close/ open ended, multiple choice, nominal and ordinal questions. Mentoring and assistance in obtaining finance were the two fiictors found to be most important in creation o f successful ventures.